The Importance Of True Leadership As We Face Recession
In the face of any crisis, true leadership is essential to stabilize an organization and maintain the morale of the people who keep it running.
A pandemic, labor shortages, broken supply chains and inflation on the rise—the past few years have carried us from crisis to crisis. This chain of events has rocked our foundation. Now, just as we start to feel back on somewhat solid ground, we face the potential of a recession.
Challenging times call for true leadership to stabilize an organization and maintain the morale of the people who work to keep it going. True leaders step up and help their teams navigate difficult times so they can emerge even stronger. When facing a recession, that leadership is more important than ever.
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Four Strategies For Your Board To Expedite Company Growth
Most organizations have a board of directors to provide governance, but an advisory board is optional and members have less liability, so they can more readily offer advice. These boards serve different purposes, but both can also propel a company to success. A well-curated board of experienced members can fill in all of the areas where your company needs expertise. When properly chosen, a board can drive more growth.
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Working Harder And Smarter During Tough Times
The pandemic, supply chain crises, a possible recession—you might think we’re passing through particularly difficult times, but we’ve passed through difficult times before. At any point, a major event could hit and throw your life and business out of whack. When this happens, you can’t just drop everything and give up. Leaders have no choice but to keep working through challenges if they want to succeed. The stronger you remain, the better you’ll come out of it.
In our current climate of uncertainty and oncoming challenges, my advice is always the same: Even when work gets hard, work harder.
Overcoming adversity can make you stronger.
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Being A CEO Requires Creativity: Three Tips For Building A Creative Environment
These days, it seems we find a new crisis around every corner. The pandemic, broken supply chains and, now as we approach 2023, some experts are predicting an oncoming recession. But on the opposite side of uncertainty is innovation and the foundation of every disruptive decision. Leaders who can be creative, adaptable and open-minded in the face of uncertainty will be the ones who take advantage of those opportunities.
While today’s CEOs highly benefit from creativity, that doesn’t mean only creative CEOs can be successful in an uncertain climate. Anyone with a foundation for great leadership—meaning they’re organized, dedicated and open-minded—can surround themselves with creative counterparts to pass ideas by. This allows the less-creative executive the opportunity to build the environment they need to innovate and stay competitive, even during times of uncertainty.
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How To Drive Your Board To Be As Effective As Possible
Even during the best of times, the future is always uncertain. That’s even more apparent right after several recent periods of disruption: pandemics, recessions and supply chain issues. In the past, boards and board formation may not have meant much to company leadership, but today, a well-designed board with the right collection of skills and experience can get a company through a crisis and significantly impact its success.
Additionally, engagement in the workplace has never been more urgent, and this is just as true for boards. More-engaged teams are more resilient and able to withstand bigger challenges. A Gallup meta-analysis found the most-engaged teams were 21% more productive than the least-engaged ones. Diversity—in race, gender, age and socioeconomic background—benefits any team, including a board, but engagement is what makes those diverse board members the most effective.
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How A Diverse Board Can Help Your Company
Diversity is more than a buzzword. Back in 2015, McKinsey & Company called it “a competitive differentiator that shifts market share toward more diverse companies over time.” McKinsey’s research also found that companies scoring the highest for racial, ethnic and gender diversity are more likely to have financial returns above national industry medians.
There are benefits to age diversity as well, including increased productivity and reduced employee turnover, both of which can affect a company’s bottom line. Even socioeconomic status, sexual orientation, mindset and cultural background are ranges of diversity that can arm any team, including a company board, with a competitive advantage.
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Startups And Boards: How To Accelerate Your Growth
Going into a startup, founders have a lot to worry about. Startups have an incredibly high failure rate—a whopping 90%—because of the unique and vast range of challenges their founders face. Founders may not have many solutions to get through those obstacles and often end up learning the harder (and more painful) way to do things, especially when they are going at it for the first time.
It can be challenging for startups to prioritize which fire to address first, the next best steps to take or how to make decisions based on experience without that experience to work with. This challenge is the reason establishing a board should be at the top of that priority list. When startups prioritize founding a board with both inside and outside members, they increase their chances of success.
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How Outside Board Members Can Shift Your Company
CEOs and founders need to be very good at what they do to succeed, but no one alone can be an expert in every subject, nor in every area of a company. With the combined insights of a carefully curated board, however, maybe we can. A board offers additional perspectives and the wisdom of having gone through diverse experiences of success and failure. When done right, a board drives a company’s growth and innovation with tried and tested strategies, and it guides better, more holistic decision making.
While some of a company’s leadership might be well-suited to sit on its board, looking within to fill all board positions will severely limit its potential. Outside board members can help the company’s leadership see objectives and obstacles from different angles and paint a more complete picture.
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How To Build A Board Of Advisors For Company Success
As an entrepreneur, it’s hard to see past your own issues or your own company, let alone think outside of your own creative box. People often turn to counselors or advisors for an outside perspective, support and advice when they need to get out of their own heads. For a company, a board of advisors can provide those insights and outlets. If you prioritize building a board based on the qualities you need to achieve new heights, your company has a better chance of performing well at those levels.
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The No. 1 Predictor Of Company Success Is Your Board
Putting a board together is more than bringing on members and assigning them the title “board of directors.” The structure of a board should be set up to see you succeed, and they should have access to all the necessary resources to guide them to that success.
When choosing board members, be diligent, take your time and pay attention to the specific ways each one can help grow your business. Create a board that does exactly what a board is meant to do: Bring your company success.
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